General Shipping References – Incoterms® 2020

Incoterms® is an acronym for “International Commercial Terms”, and are a set of internationally listed by the International Chamber of Commerce (ICC). These terms or rules are widely used in international sale contracts and commercial transaction. The Incoterms® rules provide universal guidance to parties involved in international transportation or sale of goods, and creates uniformity and predictability in global trade, regarding the duties and responsibilities of each party, costs and transfer of risk and insurance. The first version was introduced and published by the ICC in 1936 and as at the date of printing, the latest version of the rules is the Incoterms® 2020 consisting of 11 terms.